UPDATE: Federal Reserve’s Paycheck Protection Program Lending Facility Expands Eligible Lenders and Collateral
On May 1, 2020, the Federal Reserve updated the terms for its Paycheck Protection Program Lending Facility (the “PPPLF”), which commenced operations on April 16, 2020. Under the revised PPPLF, Federal Reserve Banks will lend to all SBA-approved lenders, including non-depository institutions such as credit unions, Community Development Financial Institutions, members of the Farm Credit System, small business lending companies licensed by the SBA, and some financial technology firms.